Financing a C4
Racer
Joined: Jun 2010
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From: San Antonio Texas
Le Mans Master
Joined: Feb 2003
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From: Chicago IL
If the mileage is low, the condition is excellent, the price is right, the car is insured for market value, and you are not financing more than 50% of the purchase price, then what's the harm?
It's a 14 year old piece of machinery.
It's a 14 year old piece of machinery.
Team Owner
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From: Sitting in his Nowhere land Hanover Pa
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I financed my 94 from my local bank who I dealt with since I was little. I am 25 now and bought the car when I was 23. financed it for 2 1/5 years. sure I paid a little more on the percent but I bought want I want and I did pay it off and its all mine now.
Race Director
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From: Salt Lake City Utah
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If he has to do it I would stay with a credit union. JMHO.......FYI, not a snob, just a realist that has learned by trial and error
Burning Brakes
Joined: Oct 2007
Posts: 765
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From: Holland MI
I went against logic and financed mine too.
I paid part cash, the other was a check from a credit union.
If I wouldn't have bought the car when I did, I would have had to wait until the next Quasar 6spd came along, and I didn't want to wait. My plan is to have it paid off in a year or less even though I took a 3yr note. I got a surprisingly good interest rate on an older vehicle.
If you're buying a project car, of course don't finance. If it has been a well maintained get in and drive car, I think financing is OK.
I paid part cash, the other was a check from a credit union.
If I wouldn't have bought the car when I did, I would have had to wait until the next Quasar 6spd came along, and I didn't want to wait. My plan is to have it paid off in a year or less even though I took a 3yr note. I got a surprisingly good interest rate on an older vehicle.
If you're buying a project car, of course don't finance. If it has been a well maintained get in and drive car, I think financing is OK.
LS/MFT
Joined: Jun 2000
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From: Cary IL
St. Jude Donor '09-'10-'11-'12
Bingo! If you were on the C2 forum asking about financing a '66 BB that was ready to be converted to Top Flight, my answer might have been different, but if you want to finance a 14 year old Chevy because "you can't afford it right now", then you can't afford it -- right now. Save for it and who knows -- something better may come along.
Team Owner
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St. Jude Donor '10
Bingo!Unless you've paid cash for your house and every car you've ever purchased...you = hypocrite.
No difference between a $10k Kia and a $10k C4. A car is a car.
I financed my current 96 LT4, I drove it daily the last 3 years. I think bought a $42k Toyota Highlander, financed it too...Im suddenly shocked to find out that I can't afford my LT4.
GMAFB
Race Director
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From: Salt Lake City Utah
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Bingo!Unless you've paid cash for your house and every car you've ever purchased...you = hypocrite.
No difference between a $10k Kia and a $10k C4. A car is a car.
I financed my current 96 LT4, I drove it daily the last 3 years. I think bought a $42k Toyota Highlander, financed it too...Im suddenly shocked to find out that I can't afford my LT4.
GMAFB
Also, a huge difference between a $10K Kia and a $10K Vette, the Kia can be driven for much less costs including maintenance, gas and insurance over a C4. If the C4 is a DD then the Kia makes much more sense. Again, only my opinion.
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Le Mans Master
Joined: Feb 2003
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From: Chicago IL
Like I said, I learned from experience. I have paid cash for my Vettes and only have a Mortgage, doesn't make me a hypocrite, also doesn't make anyone else wrong.
Also, a huge difference between a $10K Kia and a $10K Vette, the Kia can be driven for much less costs including maintenance, gas and insurance over a C4. If the C4 is a DD then the Kia makes much more sense. Again, only my opinion.
Also, a huge difference between a $10K Kia and a $10K Vette, the Kia can be driven for much less costs including maintenance, gas and insurance over a C4. If the C4 is a DD then the Kia makes much more sense. Again, only my opinion.
A 2010 Corvette costs more than a 2010 Kia to maintain.
Team Owner
Joined: Aug 1999
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St. Jude Donor '10
Also, a huge difference between a $10K Kia and a $10K Vette, the Kia can be driven for much less costs including maintenance, gas and insurance over a C4. If the C4 is a DD then the Kia makes much more sense. Again, only my opinion.
Last edited by SurfnSun; Jul 22, 2010 at 09:34 PM.
Drifting
Joined: Oct 2004
Posts: 1,281
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From: Orlando Florida
**** on the negative comments! 
If you can make the payments, get the car and enjoy yourself.
And as for the POS Scion comment, I have a Scion and it's not a POS. My other is a 2003 Z06. Of course, my little government salary doesn't go very far...
If you can make the payments, get the car and enjoy yourself.
And as for the POS Scion comment, I have a Scion and it's not a POS. My other is a 2003 Z06. Of course, my little government salary doesn't go very far...
Race Director
Joined: Jul 2007
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From: Salt Lake City Utah
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when someone speaks in such absolution, it absolutely makes them wrong. Opinions are not fact, certainly in this case.
Sence being the key word, not afford. By that logic financing any higher operating cost car can't be justified. My current car has 110k miles, Ive put 35k of those on. Oil changes, gas, and a clutch slave cylinder. Not bad for a 15 yr old car that gets 28mpg on the highway.
Sence being the key word, not afford. By that logic financing any higher operating cost car can't be justified. My current car has 110k miles, Ive put 35k of those on. Oil changes, gas, and a clutch slave cylinder. Not bad for a 15 yr old car that gets 28mpg on the highway.
You seem to be taking this very personally, it's not meant to be that way, it's just my opinion. The fact that you did it your way has no bearing on what's right or wrong. If it works for you or anyone else, good for you. It is dangerous to finance toys right now, money is more expensive and harder to get. No matter what you say, a guy can drive a near new $10K Kia for less over 3 years than a 14 year old Vette. Does anyone really not think that's correct? Does anyone see the value of a C4 being at the bottom yet? I don't.
Team Owner
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St. Jude Donor '10
Not taking it personally at all....been here too long for that. Just over the Dave Ramsey big ballers that brag in OT about how much money they have, or that they pay cash for everything, and if you don't you can't afford it. Its crap and anyone in touch with reality knows it. Hence mr Vette73 running to OT to attempt to drum up support for his position. That worked well.
Hell if you bought a house 3 years ago, at this point the Corvette would have been a way better investment if you needed to sell.
That worked well.Hell if you bought a house 3 years ago, at this point the Corvette would have been a way better investment if you needed to sell.
Race Director
Joined: Dec 2000
Posts: 17,551
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From: El Paso Texas
To address the OP's question, try the credit union idea first. You can also borrow against your 401K if you have one, and then you're paying the interest back to yourself.......and if all else fails, ask the seller if they will finance it. If you can come up with a decent down payment, have references and a stable work situation, they just might.
FWIW, with the exception of a (reasonable) mortgage, I'm a cash only guy too.....but that doesn't make my philosophy right for everyone. IMHO debt makes you a slave to your job. I know way too many people who are two paychecks from living in the street because they couldn't shake the "finance it" bug of instant gratification. No thanks. But again, just because I don't use credit doesn't mean nobody should. To each his own. I just strongly advise paying off one debt before acquiring another.
Good luck to you on buying the Corvette of your dreams.
FWIW, with the exception of a (reasonable) mortgage, I'm a cash only guy too.....but that doesn't make my philosophy right for everyone. IMHO debt makes you a slave to your job. I know way too many people who are two paychecks from living in the street because they couldn't shake the "finance it" bug of instant gratification. No thanks. But again, just because I don't use credit doesn't mean nobody should. To each his own. I just strongly advise paying off one debt before acquiring another.
Good luck to you on buying the Corvette of your dreams.
Race Director
Joined: Jul 2007
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From: Salt Lake City Utah
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Not taking it personally at all....been here too long for that. Just over the Dave Ramsey big ballers that brag in OT about how much money they have, or that they pay cash for everything, and if you don't you can't afford it. Its crap and anyone in touch with reality knows it. Hence mr Vette73 running to OT to attempt to drum up support for his position. That worked well.
Hell if you bought a house 3 years ago, at this point the Corvette would have been a way better investment if you needed to sell.
That worked well.Hell if you bought a house 3 years ago, at this point the Corvette would have been a way better investment if you needed to sell.
Everyone can do what they want based on their situation, but criticizing how I do things compared to how you did it may make you a bit of a hypocrite. Again, I'm just giving my point of view, not judging anyone.........
Last edited by Jon Hekking; Jul 22, 2010 at 09:55 PM.
Race Director
Joined: Dec 2000
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From: El Paso Texas
Sad, but in many cases, true. If I had pulled cash out of my 401K 3 years ago and bought a new Corvette with it, my total investment would have taken less of a loss than it has now.
Race Director
Joined: Jul 2007
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From: Salt Lake City Utah
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Safety Car
Joined: Aug 2008
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From: San Marcos CA
There are a few good points on both sides of the argument. If you get a really low interest rate, then little harm done, but I have a feeling, being young, that that won't be the case.
I have kept track of my vette expenses, doing much of the work myself, and it easily uses $100 a month in parts trying to keep up with repairs/maint. and minor restoration.
I bought my 95 a little rough around the edges because I didn't want to borrow money. I really wanted a $20k ZR-1, but I already have a flagship big money ride in my garage, so i just bought a second car I had some cash for.